Tax School Blog

Welcome to the U of I Tax School blog – where you’ll find current, relevant, and actionable information for your practice (and have some fun doing it).

The U of I Tax School blog is written by tax professionals for tax professionals.

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How to Reduce or Avoid Estimated Tax Penalties

Learn how to calculate, reduce, or avoid IRS estimated tax penalties using Form 2210. This article explains the regular and annualized income installment methods and highlights key exceptions and abatement opportunities.

What’s Up with Self-Employment Tax, NIIT, and the Additional §1401 Tax?

There has been a greater focus on self-employment tax in recent years than in past years. There is ongoing litigation on what limited partner means under Section 1402(a)(13), added in 1977. This special rule provides that net earnings from self-employment do not include the distributive share of any item of income or loss of a limited partner, except for guaranteed payments for services rendered to or on behalf of the partnership.

IRS Administration in 2025: Key Developments from the First Four Months

In the first few months of 2025, there have been widespread resignations and layoffs in at the IRS amid an active 2025 filing season. In this article, we’ll cover notable changes in the agency and their potential impact on tax practitioners.

Understanding Tax Extensions: A Guide for Tax Professionals

Filing tax extensions can reduce stress, improve accuracy, and support better tax planning for your clients. Discover key filing tips, benefits, and communication strategies to streamline the process.

Leveraging the Interactive Taxpayer Roadmap

Discover how the Interactive Taxpayer Roadmap from the Taxpayer Advocate Service (TAS) helps navigate the U.S. tax system and how to use the online tool to understand IRS notices and resolve tax issues efficiently.

10 Reminders for 2024 Tax Filing Season

As the 2024 tax filing season progresses, staying informed about the latest changes and updates is crucial for preparing accurate and compliant tax returns. This year brings several significant adjustments…

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